The International Monetary Fund said, yesterday, Wednesday, that oil GDP growth in Kuwait is expected to decline in 2023 due to oil production cuts, while non-oil GDP growth will remain strong, driven by domestic demand, and is expected to remain stable in the medium term.
The IMF added that the economic recovery in Kuwait continues, supported by high oil prices, and that inflation has been contained.
He went on to say that the political stalemate between the government and parliament could lead to continued delays in reforms.
Non-oil GDP growth rose to an estimated 3.4 percent in 2021, benefiting from a recovery in domestic and external demand, and then strengthened further to 4.0 percent in 2022.
This, along with higher oil production, led to a rebound in real GDP, with GDP growing to 8.2 percent in 2022.
